Boomfish Wealth Group LLC Sells 1,791 Shares of Royal Bank of Canada (NYSE:RY)

Boomfish Wealth Group LLC decreased its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 43.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,353 shares of the financial services provider’s stock after selling 1,791 shares during the period. Boomfish Wealth Group LLC’s holdings in Royal Bank of Canada were worth $265,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in RY. Park Square Financial Group LLC purchased a new stake in shares of Royal Bank of Canada during the 4th quarter valued at $25,000. WealthTrak Capital Management LLC purchased a new position in Royal Bank of Canada in the 4th quarter worth $28,000. Optiver Holding B.V. purchased a new position in Royal Bank of Canada in the 4th quarter worth $35,000. Transce3nd LLC purchased a new position in Royal Bank of Canada in the 4th quarter worth $37,000. Finally, AdvisorNet Financial Inc raised its position in Royal Bank of Canada by 93.7% in the 1st quarter. AdvisorNet Financial Inc now owns 368 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 178 shares during the period. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Trading Up 0.9%

Shares of RY opened at $128.89 on Tuesday. The firm’s 50-day moving average price is $122.20 and its 200-day moving average price is $119.91. The firm has a market capitalization of $181.81 billion, a price-to-earnings ratio of 15.60, a PEG ratio of 1.80 and a beta of 0.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11. Royal Bank of Canada has a 1-year low of $102.52 and a 1-year high of $130.00.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Thursday, May 29th. The financial services provider reported $2.20 earnings per share for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.05). The company had revenue of $11.38 billion for the quarter, compared to the consensus estimate of $15.77 billion. Royal Bank of Canada had a net margin of 12.08% and a return on equity of 15.26%. The company’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the firm posted $2.92 EPS. Sell-side analysts anticipate that Royal Bank of Canada will post 9.16 EPS for the current year.

Royal Bank of Canada Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, July 24th will be paid a dividend of $1.1152 per share. The ex-dividend date is Thursday, July 24th. This represents a $4.46 annualized dividend and a yield of 3.46%. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.03. Royal Bank of Canada’s payout ratio is presently 49.78%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on RY shares. Wall Street Zen cut shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Saturday, May 31st. National Bank Financial lowered shares of Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a report on Friday, May 30th. Cibc World Mkts raised shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 3rd. Scotiabank assumed coverage on shares of Royal Bank of Canada in a report on Thursday, May 15th. They issued a “sector outperform” rating on the stock. Finally, Barclays reissued an “overweight” rating on shares of Royal Bank of Canada in a report on Monday, June 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $193.00.

Royal Bank of Canada Company Profile

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.